Carvago, the largest online marketplace in Europe and a subsidiary of EAG Holding, has recorded growth for the second consecutive year. Despite the downturn in the e-commerce market and rising inflation, Carvago has seen a significant increase in customers, expanded into new European markets and launched a new product in the form of online auctions.

Carvago launched its services in the Czech Republic at the end of 2020. Although in 2021, the company recorded a loss of approximately EUR 800,000 per month, last year the loss was reduced to EUR 250,000 and in January this year Carvago achieved a positive EBITDA operating profit for the first time. More than EUR 20 million has been invested in the company's development and operations since its inception. For example, the company has long used artificial intelligence to process large amounts of photographs of used cars, which can recognise the make of the car and sort tens of thousands of photos according to whether they show the exterior, interior or another part of the car. Carvago is currently integrating the seventh generation of its machine learning model into its internal systems, which could be a breakthrough for the company. The new model analyses the car's photos after the initial valuation and can adjust the price accordingly.

Carvago's customer base has grown from 1,500 to nearly 8,000 clients, thanks in part to the new options now available to customers. In addition to buying used cars, Carvago has made it possible to sell them through an online auction involving dealers from all over Europe.

Carvago is part of the EAG holding company, which also includes Cebii, which provides vehicle inspection services. EAG Holding has made two foreign acquisitions in the past year to strengthen its position in Central and Western Europe. The first acquisition was the Belgian platform FastBack, which specialises in B2B trading of used cars, followed by the purchase of SoftVig, a Polish software company that supplies software for the automotive industry.

Carvago intends to expand its presence across Europe and aims to be present in at least ten markets by the end of this year. Its plans include offering services to customers in Belgium and France, followed by a focus on the Balkans, where the company is currently finalising contracts with a strategic partner.